Reaction on "Union Budget 2017-18" || Deepak Kapoor, President, CREDAI Western UP

According to Mr.Deepak Kapoor, President, CREDAI Western UP: "One of the best thing to happen to real estate sector is the industry status being given to affordable housing. This will help in increasing liquidity as banks will be more keen to extend loan to the developers for affordable housing. To promote affordable housing, the Finance Minister said that the scheme for profit linked income tax exemption for promoters of affordable housing will be broad based. Instead of built-up area of 30 and 60 sq. mtrs., the carpet area of 30 and 60 sq. mtr. will be counted. Also the 30 sq. mtr. will apply only in case of municipal limits of four metropolitan cities while for the rest of the country limit of 60 sq. mtr. will apply. Another practical aspect and respite to the developers is that the houses to be built under affordable housing can now be completed in five years after the commencement of work as against the three year period earlier".